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My primary residence is worth 200,000 and I owe the lender $450,000. The lender for both the 1st and 2nd mortgage is Chase. Both loans were purchase money loans. I've been trying to short sale it, however, Chase does not want to accept an offer that we have on hand for $210,000 since they are insisting that the home is worth $275,000. My realtor has sent them numerous comps to rebut the value, but they will not change their mind. The negotiator at Chase is now offering to do a Deed in Leiu of Foreclosure. What is the benefit of agreeing to a Deed in Leiu versus letting it go to foreclosure. Are there tax implications for doing a Deed in Leiu? The property is owner occupied and in the state of California.What if there is also a relatively small second owned by the same lender?